It's a bad day to be in stocks.
Markets across Europe are tanking on Wednesday morning after oil prices nose-dived overnight. Here's how the FTSE 100 looks at 10.20 a.m. GMT (5.20 a.m. ET):
Investing.com
Indices across Europe aren't much better either:
- DAX: -2.02%
- CAC 40: -1.58%
- IBEX 35: -2.25%
- EUROSTOXX 50: -1.89%
Michael van Dulken, head of research at Accendo Markets, says in an email this morning:
Equity markets nursing losses this morning, backtracking from valiant attempts to deliver breakouts. The driver? I'm afraid it's oil again, and markets are also coming round to the fact that there is a distinct absence of good news doing the rounds to keep the major indices up around recent highs.
OPEC's mouthpiece Saudi Arabia has said no to global production cuts on account of a lack of trust. A freeze is about as likely given Iranian and Iraqi reluctance. Oh and the cartel's Secretary General has as good as admitted that US Shale has become the de-facto swing producer, which will only serve to hinder any oil price rally.
And that's before we add political (
In short, there's a lot of bad news about but not much good news.